Wednesday’s Insider Report: CEO invests over $1-million in this REIT yielding 7.3%

Featured below are companies that have experienced recent insider trading activity in the public market through their direct and indirect ownerships, including accounts they have control or direction over.

The list features insider transaction activity; it does not convey total ownership information as an insider may hold numerous accounts.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock’s valuation; perhaps an insider needs to raise money for personal reasons. An insider’s total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company’s shares or units.

Listed below are three securities that have had recent buying activity in the public market reported by insiders.

Algoma Steel Group Inc. (ASTL-T)

On Sept. 22, vice-president, strategy and general counsel John Naccarato invested over $140,000 in shares of Algoma. He purchased 15,000 shares at a cost per share of $9.38, initiating a position in this particular account.

Indigo Books & Music Inc. (IDG-T)

On Sept. 29-30, founder and executive chair Heather Reisman bought a total of 54,000 shares at an average price per share of roughly $1.97 for an account in which she has indirect ownership (HRON Canadian Investments Ltd.), after which this particular account held 795,443 shares. The cost of these purchases totaled over $106,000.

In Sept., Ms. Reisman stepped down from her position as the company’s chief executive officer.

SmartCentres Real Estate Investment Trust (SRU.UN-T)

On Sept. 30, Rudy Gobin, executive vice-president – portfolio management and investments, bought 5,000 units at a price per unit of $25.63, increasing this specific account’s holdings 15,000 units. The cost of this purchase totaled over $128,000.

On Sept. 28 and 29, executive chair of the board of trustees and chief executive officer Mitchell Goldhar invested over $1.1-million in units of SmartCentres. He acquired a total of 44,100 units at an average cost per unit of approximately $25.33 for an account in which he has indirect ownership (SC Financial Investments Inc.), lifting this particular account’s position to 2,433,678 units.

SmartCentres pays its unitholders a monthly distribution of 15.417 cents per unit or $1.85 per unit yearly, equating to a current annualized yield of 7.3 per cent. The monthly distribution has been maintained at this level since 2019.

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Listed below is a stock that has had recent selling activity in the public market reported by an insider.

Sangoma Technologies Corp. (STC-T)

On Sept. 29-30, chair of the company’s board of directors Norm Worthington sold a total of 46,967 shares at an average price per share of approximately $7.34 for an account in which he has control or direction over (Star2Star Holdings LLC). Proceeds from the sales exceeded $344,000, excluding commission charges. After these trades, this particular account held 44,350 shares.

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